SBC Posts Lower 4Q Profits

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SBC Communications Inc., the No. 2 U.S. local telephone company, Thursday posted lower fourth-quarter profits due to the weak economy and cautious spending by customers, and said it expects its 2002 revenues to grow only 1 percent to 3 percent.

Net income, including one-time items, was $1.2 billion, 37 cents a share, down from $1.3 billion, or 38 cents a share, in the fourth quarter of 2000.

Revenues, including those from its Cingular Wireless joint venture, rose 1.2 percent to $14.0 billion.

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